Secure Your Child’s Future! Planning for Children with Disabilities
Raising a child with a disability is a challenge, and financial planning is no exception. The good news is, with the right strategies and resources, you can ensure your child has a secure financial future.
In the Water Prairie Chronicles episode, #99, digs into this topic with James Lange, CPA/Attorney. We discuss key considerations for parents and caregivers.
Consider the following when planning for children with disabilities:
- Government Benefits: Programs like SSI and SSDI can provide crucial financial support. Jim explains how to navigate these programs and maximize their benefits for your child.
- Estate Planning: Creating a will and other estate planning documents is essential to ensure your child’s needs are met after you’re gone. Jim offers guidance on navigating this process.
- Special Needs Trusts (Optional): Depending on your situation, a special needs trust can be a valuable tool to protect your child’s eligibility for government benefits while providing additional financial security. We discuss the basics of special needs trusts and some options parents and grandparents have as they put their estate plans together now.
- ABLE Accounts (Optional): ABLE accounts offer tax-advantaged savings options for individuals with disabilities. Jim talks about the advantages and eligibility requirements for ABLE accounts.
Here are some key takeaways to remember when planning for children with disabilities:
- Planning Early is Key: The sooner you start planning, the more time your investments have to grow.
- Don’t Be Overwhelmed: There are resources available to help you navigate financial planning for your child with a disability. Jim emphasizes seeking professional guidance from a financial advisor familiar with special needs considerations.
- It’s About Your Child’s Well-Being: As Jim reminds us, the ultimate goal is to create a secure financial future for your child.
Listen to the full episode for a comprehensive discussion on financial planning for children with disabilities. We also explore additional strategies and resources to empower you on this journey.
- YouTube: https://youtu.be/6YwFz-WXOAQ
- Webpage: https://waterprairie.com/2024/07/05/financial-planning-for-special-needs-kids/
- Apple podcast: https://podcasts.apple.com/us/podcast/99-secure-their-future-financial-planning-for-special/id1606642962?i=1000661255159
- Spotify: https://open.spotify.com/episode/3aRqdzbrHuv2y9zjk8fUXW?si=026d8cfe211b434b
By taking action and planning ahead, you can ensure your child with a disability has the financial security they deserve.
In addition to the podcast, here are some helpful resources:
- National Endowment for Financial Education – Provides resources and tools for financial planning.
- The Arc – A national organization advocating for and supporting people with intellectual and developmental disabilities.
- Social Security Administration – Information on SSI and SSDI benefits.
